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2006 SESSION

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SB 358 Real estate tax; exemption in redevelopment or conservation areas, etc.

Introduced by: John S. Edwards | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Real property tax exemption in redevelopment or conservation areas or rehabilitation districts. Authorizes local governing bodies to provide for the partial exemption from taxation of (i) new structures located in redevelopment or conservation areas or rehabilitation districts and (ii) other improvements to real estate located in redevelopment or conservation areas or rehabilitation districts. The partial exemption would be a percentage of the increase in assessed value as a result of the new structure or improvement or an amount not to exceed 50 percent of the construction cost of such structure or improvement. The local governing body would be allowed to establish criteria for qualifying real estate including, but not limited to, the square footage for new structures.  The bill is contingent on a constitutional amendment authorizing the exemption.


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